North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Banks Island Gold Ltd. Jan. 8 reported that its directors have determined the company needs to file for bankruptcy.

D. Manning & Associates Inc. will act as trustee in bankruptcy.

Fred Sveinson, Jason Nickel, and John Anderson have since resigned from the Banks Island Gold board of directors.

President and CEO Benjamin Mossman is currently the sole director of the company.

Since 2010, Banks Island has been working toward reaching commercial production at its Yellow Giant gold-silver property in British Columbia.

The company began bulk sampling in 2014 and received permits that year for the construction of a 200-ton-per-day grinding and flotation plant, an underground mine, and associated facilities.

By January 2015, the company declared commercial production.

However, by late July those operations were suspended.

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Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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